Renascent Power‘s acquisition of 75 per cent stake in Prayagraj Power receives CCI nod

The Competition Commission of India (CCI) has approved Renascent Power Ventures’ acquisition of a 75 per cent stake in Prayagraj Power Generation Company Limited (PPGCL). It has approved the acquisition of certain equity shares and optionally convertible redeemable preference shares of PPGCL by Renascent Power. Renascent Power Ventures had signed an SPA with a consortium of lenders led by the State Bank of India to acquire a 75.01 per cent stake in PPGCL, which owns and operates a 1,980 MW supercritical power plant in Uttar Pradesh.